Cogeco 2009 Annual Report Download - page 64

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Consolidated financial statements COGECO CABLE INC. 2009 63
8. INCOME TAXES
2009
2008
(in thousands of dollars) $
$
CURRENT
53,913
23,487
FUTURE
3,500
(8,755)
57,413
14,732
The following table provides the reconciliation between Canadian statutory federal and provincial income taxes and the consolidated
income tax expense:
2009 2008
(in thousands of dollars) $ $
INCOME (LOSS) BEFORE INCOME TAXES
(199,262)
148,014
COMBINED INCOME TAX RATE
32.55 % 33.50%
INCOME TAXES AT COMBINED INCOME TAX RATE
(64,860)
49,585
ADJUSTMENTS FOR LOSSES OR INCOME SUBJECT TO LOWER OR HIGHER TAX RATES
(1,100)
(2,681)
DECREASE IN FUTURE INCOME TAXES AS A RESULT OF DECREASE
IN SUBSTANTIVELY ENACTED TAX RATES
– (24,002)
DECREASE IN INCOME TAX RECOVERY ARISING FROM THE NON-DEDUCTIBLE IMPAIRMENT OF GOODWILL
89,890 –
UTILIZATION OF PRE-ACQUISITION TAX LOSSES
6,142 –
INCOME TAXES ARISING FROM NON-DEDUCTIBLE EXPENSES
622 803
EFFECT OF FOREIGN INCOME TAX RATE DIFFERENCES
25,366 (9,193)
OTHER
1,353 220
INCOME TAXES AT EFFECTIVE INCOME TAX RATE
57,413 14,732